AWS - Tracking the Digital Payments Takeover - September 2023

Ryan Unveils Platform to Simplify Global Business Tax Payments

Ryan tax service building

Ryan, a global tax services and software provider, has unveiled a platform that aims to revolutionize the global business tax payment process.

Developed in partnership with tax technology provider Desucla, the Ryan TaxPay platform automates and streamlines tax payments for companies with regular obligations to multiple foreign tax authorities, Ryan said in a Wednesday (Nov. 15) press release.

“Payment of taxes in foreign territories is an inevitable requirement for global businesses,” Andrew Burman, Ryan principal, tax transformation, said in the release. “We have been working with our clients to understand the associated challenges and come up with new, innovative solutions to them.”

Ryan TaxPay is an online platform that offers a range of features to simplify the tax payment process, according to the release. It effectively manages the payment calendar, converts source funds to the required local currency, makes payments to each tax authority and submits any necessary tax payment references. Additionally, clients have access to the Ryan service team for proactive support and assistance.

One of the standout advantages of Ryan TaxPay is its potential for cost savings, the release said. By uploading a single amount onto the platform, users can achieve a minimum 25% reduction in foreign exchange rates compared to standard bank rates.

Moreover, the platform establishes a clear audit trail and enables centralized management and oversight of payments, per the release.

The development of Ryan TaxPay aligns with Ryan’s long-term strategy to provide a comprehensive range of tax payment solutions tailored to clients of all sizes and their specific needs, according to the press release.

“With tax authorities increasingly demanding more regular payments of a wider range of taxes, the launch of Ryan TaxPay will be particularly valuable to our global clients needing a new way to meet their tax payment obligations,” Jon C. Sweet, Ryan president of European and Asia-Pacific operations, said in the release.

In another recent development in this space, Stripe debuted a tool called Stripe Tax in August, saying it will help its platform clients boost their global commerce sales. The tool provides a feature that has been most requested by platform users: help with sales tax and VAT, Stripe said at the time.